The British pound has received a boost against the US dollar after the United Kingdom Labour party leader promised to block a hard-Brexit scenario. The GBPUSD pair now has to hold firm above the 1.2200 level in order to build momentum for a major attempt towards the 1.2250 level. Technical failure around the 1.2200 level may prompt a test of the important 1.2080 level.
The GBPUSD pair is only bearish while trading below 1.2250, key support is found at the 1.2080 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2250 level, buyers may test towards the 1.2310 and 1.2350 levels.
